FICA tax is comprised of Social Security and Medicare obligations. The earned income limit on the Social Security portion of the FICA tax is $113,700, while no limits exist for Medicare payments. In addition, higher-income individuals as of 2013 must pay 0.9 percent Medicare tax in conjunction with the original 1.45 percent requirement, due to the Affordable Care Act. Furthermore, annual returns are required to be filed by April 15 with the Form 1040.